Are you planning to get married soon? Chances are you’re probably experiencing some wedding bell blues now. But with all the nerves kicking in, one of the most challenging perhaps is the finances. Wedding planning can be fun. But one of the essential parts that you must consider is your finances.
Coming up with an agreement about the funds can be stressful. But once you agree, then it’s the first step to a happy marriage. One of the reasons why most marriages fail is because of financial disagreements.
Sharing financial plans and goals is crucial in achieving peace of mind and long-term financial security. So, while you’re planning about wedding photography and video packages, here are a few issues that you should remember. Doing so will ensure that you won’t encounter them any time soon.
Neglecting to open a joint account
A joint account is a simple tool that you can use to streamline your household budget. It can also help you identify any possible marital disputes caused by finances and fix it before it becomes a problem.
But a few couples tend to maintain their own money even when they’re about to get married. It can sometimes cause an argument and even some marital problems in the future.
Ignoring to be realistic
Remember that a wedding only lasts a day, but your marriage will last much longer. So, think about your financial life. You should decide what will make you happy as a couple that’s just enough for your budget.
Some couples choose to pay using their credit cards. But doing so will only add up to your financial debt in the future. Keep in mind that using your credit card will only cost you an annual interest rate.
It’ll even get worse if you decide to pay the minimum payment each month. So, try your best to stick within your budget only.
Failure to make a financial plan
Use the entire wedding budget process as a learning curve to prepare you for a life of marriage. As a couple, you should work together as one to achieve your financial goals. One tip that most experts would advise is to check how much debt that both of you will be bringing to your marriage.
You should also discuss both your savings and how much your income will be when you combine them each month. You should also check your monthly expenses and if your monthly earnings each month will be enough for your wedding.
To do so, both of you should know how much you can put into your wedding budget. Marriage is more than just reciting vows to one another. It’s all about honesty on every aspect of your lives, including your debts and assets. It’s okay to have a prenuptial agreement before the wedding ceremony.
It only means that both of you are mature enough about your finances as well as your future. Practicing smart financial planning even at an early part of your marriage will ensure a happy and contented financial future together.